I figured that what we need is 1/4 X 1/4 inch square rubber cord stock. That is not too difficult to find but not in the 40 durometer hardness - soft enough to make a good seal.
I went back through the archives, way back when somebody posted on this web site about buying some but there was a minimum purchase of some hundreds of feet. It did however cost maybe less than 50 cents per foot as opposed to $4 for the official stuff. You actually need quite a lot, maybe 30 to 40 inches per portlight. Times 12 portlights that is pricey.
If I have time I will pursue trying to find where it can be bought. I would be happy to split a bulk buy with someone.
My theory is that a lot of damage is done by over tightening portlights trying to get old gaskets to seal, so it is well worth replacing them in good time.